Decentralized finance (DeFi) protocol Yearn Finance (YFI) was hacked for $11 million through an inactive contract.
On-chain security platform PeckShield, Yearn Finance stablecoin issued by yUSD specific deficit He said he was the target of the attackers. Flash loan The attacker, who is thought to have used (flash credit), exploited the vulnerability in question. $10k Tether (USDT) in return 1.2 quadrillion yUSD pressed. While it was thought that another DeFi protocol, Aave (AAVE), was also affected by the incident, the attacker was only trying to transform assets. The oldest version of Aave is V1 turned out to be used.
Unable to move all assets due to lack of liquidity, the attacker only 11 million dollars part of aavewas able to carry it. Attacker, 11 million dollars for the exchange of an asset worth The oldest version of Aave is V1‘I used. Among the seized stablecoins Dai (DAI), Tether (USDT), USD Coin (USDC), Binance USD (BUSD) And Tru USD (TUSD) took place.
First made by Aave in the statementattack It has no effect on V2 and V3. It was also mentioned that the events in the V1 section were followed closely.
We are aware of this process and it had no impact on Aave V2 and Aave V3. We are now confirming whether it has any effect on Aave V1, the oldest frozen version of the protocol. We are monitoring the situation closely so that there are no further concerns.
Another related issue explanation da Aave CEO‘This Stani Kulichovcame from It was emphasized that Aave V1 was used only as an intermediary and, in essence, the liquidity pools in the aforementioned version were not affected.
The Yearn Finance team soon found that the exploit In the iearn contract deprecated in 2020 happened and all that happened “isolated” being held stated. The team is active in this attack. Does not affect Yearn contracts or protocols stressed:
We’re investigating an issue with iearn, an old contract we used prior to Vaults v1 and v2, which was discontinued in 2020. This issue appears to be iearn specific and does not affect existing Yearn contracts or protocols.